9 Shocking Truths about Silicon Valley – Lessons from 100 Startup Founders (Live Blog)

Onwards to Startup Asia’s final sharing session, and we have Loo Cheng Chuan, Head of Singtel’s Local Life and Group Digital Life. 10 9 “Shocking Truths” about Silicon Valley are on the agenda. Colour us intrigued.

Here’s his colourful presentation. Live blog below:

#18:30: “I networked a lot in Silicon Valley.” These are truths distilled, then, from anthropological observation.

Truth 1: Multi-billion dollar businesses need multi-trillion dollar markets.
Take this as a reality check, Cheng says. HungryGoWhere was sold at $15 million in Singapore – they would be much larger elsewhere in the world. “If you want to remain small, play small.”

2: Most starting directions and eventual destinations are different.
“Those who fail are those persisted on a single line or focus.” Pivoting can be crucial sometime. “Success is a frontier, not a point.”

#18:33:
3: 97% of online businesses fail.
“You need to try a lot, and a lot of different things.”

4: Goliaths don’t usually win.
Nimbleness is a significant factor, and there’s no reason to be afraid of big companies. InSing.com, a Singaporean “hyperlocal” portal, even with giant Singtel’s backing couldn’t take on the tiny HungryGoWhere. “David can win.”

#18:35:
5: Sexy Simplicity sells. Simple, dumb products can succeed. You don’t need to be Steve Jobs. Singtel tried to back console game streaming service OnLive, which went bust. But a simple site like Tinyprints, which made baby announcement cards, sold for $333 million. “A simple product we made called Itzme…all it does is send Facebook voice SMSes. How difficult can that be?”. 3 months, 800,000 users.

6: Most in Sandhill Road (where the VCs hang) are not interested in SEA. Go local with your funding sources. Think regional.

7: Foreign Talent: Singapore hates them, Silicon Valley loves them. Silicon Valley is a magnet for the best in the world. Singapore isn’t, not yet.

#18:40:
8: “X-factor” > ideas and experience. What does that look like?
Well, it’s:

9: PASSION x 3
Cheng narrates the story of a lone passionate baker who became supplier of muffins and cakes for half of the continental U.S for Starbucks. She told the roomful of MBA types discussing optimization matrices and business plans: “I succeeded because I love to bake.”

And finally:
“You don’t need sexy products. You don’t humongous funding. You just need fire in the belly and a glow in your eyes.”

This is a part of our coverage of Startup Asia Singapore 2013, our event running on April 4 and 5. For all our newest Startup Arena pitches, see here. You can follow along on Twitter at @techinasia, and on our Facebook page.